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  • Claessens, Stijn  (9)
  • Kose, M. Ayhan  (7)
  • Washington, D.C : The World Bank  (16)
  • Macroeconomics and Economic Growth  (16)
  • 1
    Online-Ressource
    Online-Ressource
    Understanding the Global Drivers of Inflation : How Important are Oil Prices? (2023)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: 1 Online-Ressource (30 pages)
    Paralleltitel: Erscheint auch als Ha, Jongrim Understanding the Global Drivers of Inflation: How Important are Oil Prices?
    Schlagwort(e): Commodities ; Domestic Shock ; Energy ; Exchange Rates ; Favar Model ; Global Shock ; Inflation ; Macroeconomics and Economic Growth ; Oil and Gas ; Oil Prices
    Kurzfassung: This paper examines the global drivers of inflation in 55 countries over 1970-2022. The paper estimates a Factor-Augmented Vector Autoregression model for each country and assess the importance of several global (demand, supply, and oil price) and domestic shocks. It reports three main results. First, global shocks have explained about 26 percent of inflation variation in a typical economy. Oil price shocks accounted for only about 4 percent of inflation variation, but they had a statistically significant impact on inflation in three-quarters of the countries. Second, global shocks have become more important in driving inflation variation over time. The share of inflation variance caused by oil price shocks increased from 4 percent prior to 2000 to roughly 9 percent during 2001-22. They also accounted for some of the steep runup in inflation between mid-2021 and mid-2022. Third, oil price shocks tended to contribute significantly more to inflation variation in advanced economies, countries with stronger global trade and financial linkages, commodity importers, net energy importers, countries without inflation-targeting regimes, and countries with pegged exchange rate regimes. The headline results are robust to a wide range of exercises-including alternative measures of global factors and oil prices-and aggregation of countries
    DOI: 10.1596/1813-9450-10283
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  • 2
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    Online-Ressource
    Potential Growth Prospects : Risks, Rewards, and Policies (2023)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: 1 Online-Ressource (60 pages)
    Paralleltitel: Erscheint auch als Kilic Celik, Sinem Potential Growth Prospects: Risks, Rewards, and Policies
    Schlagwort(e): Emerging Markets ; Growth Expectations ; Human Capital Accumulation ; Labor Force Participation ; Macroeconomics and Economic Growth ; Production Function ; Slow Growth ; Social Development
    Kurzfassung: Potential output growth around the world slowed over the past two decades. This slowdown is expected to continue in the remainder of the 2020s: global potential growth is projected to average 2.2 percent per year in 2022-30, 0.4 percentage point below its 2011-21 average. Emerging market and developing economies (EMDEs) will face an even steeper slowdown, of about 1.0 percentage point to 4.0 percent per year on average during 2022-30. The slowdown will be widespread, affecting most EMDEs and countries accounting for 70 percent of global GDP. Global potential growth over the remainder of this decade could be even slower than projected in the baseline scenario-by another 0.2-0.9 percentage point a year-if investment growth, improvements in health and education outcomes, or developments in labor markets disappoint, or if adverse events materialize. A menu of policy options is available to help reverse the trend of weakening economic growth, including policies to enhance physical and human capital accumulation; to encourage labor force participation by women and older adults; to improve the efficiency of public spending; and to mitigate and adapt to climate change, including infrastructure investment to facilitate the green transition
    DOI: 10.1596/1813-9450-10355
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  • 3
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    Online-Ressource
    What Explains Global Inflation (2023)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: 1 Online-Ressource (56 pages)
    Paralleltitel: Erscheint auch als Ha, Jongrim What Explains Global Inflation
    Schlagwort(e): Access To Finance ; Demand Shock ; Energy ; Energy Demand ; Finance and Financial Sector Development ; Global Inflation ; Inflation ; Inflation Drivers ; Interest Rate Shock ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Oil Price ; Supply Shock
    Kurzfassung: This paper examines the drivers of fluctuations in global inflation, defined as a common factor across monthly headline consumer price index (CPI) inflation in G7 countries, over the past half-century. It estimates a Factor-Augmented Vector Autoregression model where a wide range of shocks, including global demand, supply, oil price, and interest rate shocks, are identified through narrative sign restrictions motivated by the predictions of a simple dynamic general equilibrium model. The authors report three main results. First, oil price shocks followed by global demand shocks explained the lion's share of variation in global inflation. Second, the contribution of global demand and oil price shocks increased over time, from 56 percent during 1970-1985 to 65 percent during 2001-2022, whereas the importance of global supply shocks declined. Since the pandemic, global demand and oil price shocks have accounted for most of the variation in global inflation. Finally, oil price shocks played a much smaller role in global core CPI inflation variation, for which global supply shocks were the main source of variation. These results are robust to various sensitivity exercises, including alternative definitions of global variables, different samples of countries, and additional narrative restrictions
    DOI: 10.1596/1813-9450-10648
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  • 4
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    Online-Ressource
    Potential Growth : A Global Database (2023)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: 1 Online-Ressource (77 pages)
    Paralleltitel: Erscheint auch als Kilic Celik, Sinem Potential Growth: A Global Database
    Schlagwort(e): Declining Growth Potential ; Fiscal and Monetary Policy ; Global Growth Database ; Growth Expectations in Developing Economies ; Macroeconomics and Economic Growth ; Measures of Potential Growth ; Production Function
    Kurzfassung: Potential growth-the rate of expansion an economy can sustain at full capacity and employment-is a critical driver of development progress. It is also a major input in the formulation of fiscal and monetary policies over the business cycle. This paper introduces the most comprehensive database to date, covering the nine most commonly used measures of potential growth for up to 173 countries over 1981-2021. Based on this database, the paper presents three findings. First, all measures of global potential growth show a steady and widespread decline over the past decade, with all the fundamental drivers of growth losing momentum over time. In 2011-21, potential growth was below its 2000-10 average in nearly all advanced economies and roughly 60 percent of emerging market and developing economies. Second, adverse events, such as the global financial crisis and the COVID-19 pandemic, contributed to the decline. At the country-level also, national recessions lowered potential growth even five years after their onset. Third, the persistent impact of recessions on potential growth operated through weaker growth of investment, employment, and productivity
    DOI: 10.1596/1813-9450-10354
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  • 5
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    Online-Ressource
    One-Stop Source : A Global Database of Inflation (2021)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: 1 Online-Ressource (42 pages)
    Paralleltitel: Erscheint auch als Print Version: Ha, Jongrim One-Stop Source: A Global Database of Inflation
    Schlagwort(e): Consumer Price Index ; Deflation ; Inflation ; Inflation Synchronization ; Macroeconomics and Economic Growth ; Prices
    Kurzfassung: This paper introduces a global database that contains inflation series: (i) for a wide range of inflation measures (headline, food, energy, and core consumer price inflation; producer price inflation; and gross domestic product deflator changes); (ii) at multiple frequencies (monthly, quarterly and annual) for an extended period (1970-2021); and (iii) for a large number (up to 196) of countries. As it doubles the number of observations over the next-largest publicly available sources, the database constitutes a comprehensive, single source for inflation series. The paper illustrates the potential use of the database with three applications. First, it studies the evolution of inflation since 1970 and document the broad-based disinflation around the world over the past half-century, with global consumer price inflation down from a peak of roughly 17 percent in 1974 to 2.5 percent in 2020. Second, it examines the behavior of inflation during global recessions. Global inflation fell sharply (on average by 0.9 percentage points) in the year to the trough of global recessions and continued to decline even as recoveries got underway. In 2020, inflation declined less, and more briefly, than in any of the previous four global recessions over the past 50 years. Third, the paper analyzes the role of common factors in explaining movements in different measures of inflation. While, across all inflation measures, inflation synchronization has risen since the early 2000s, it has been much higher for inflation measures that involve a larger share of tradable goods
    DOI: 10.1596/1813-9450-9737
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  • 6
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    The Aftermath of Debt Surges (2021)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: 1 Online-Ressource (35 pages)
    Paralleltitel: Erscheint auch als Print Version: Kose, M. Ayhan The Aftermath of Debt Surges
    Schlagwort(e): Debt Burden ; Debt Markets ; Debt Restructuring ; Debt Service ; Debt Sustainability ; Economic Growth ; Economic Policy, Institutions and Governance ; Finance and Financial Sector Development ; Financial Repression ; Fiscal and Monetary Policy ; Fiscal Consolidation ; Inflation ; Macroeconomics and Economic Growth ; Public Sector Development
    Kurzfassung: Debt in emerging market and developing economies (EMDEs) is at its highest level in half a century. In about nine out of 10 EMDEs, debt is higher now than it was in 2010 and, in half of the EMDEs, debt is more than 30 percentage points of gross domestic product higher. Historically, elevated debt levels increased the incidence of debt distress, particularly in EMDEs and particularly when financial market conditions turned less benign. This paper reviews an encompassing menu of options that have, in the past, helped lower debt burdens. Specifically, it examines orthodox options (enhancing growth, fiscal consolidation, privatization, and wealth taxation) and heterodox options (inflation, financial repression, debt default and restructuring). The mix of feasible options depends on country characteristics and the type of debt. However, none of these options comes without political, economic, and social costs. Some options may ultimately be ineffective unless vigorously implemented. Policy reversals in difficult times have been common. The challenges associated with debt reduction raise questions of global governance, including to what extent advanced economies can cast their net wider to cushion prospective shocks to EMDEs
    DOI: 10.1596/1813-9450-9771
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  • 7
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    Online-Ressource
    A Mountain of Debt : Navigating the Legacy of the Pandemic (2021)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: 1 Online-Ressource (40 pages)
    Paralleltitel: Erscheint auch als Print Version: Kose, M. Ayhan A Mountain of Debt: Navigating the Legacy of the Pandemic
    Schlagwort(e): Business Cycles and Stabilization Policies ; Coronavirus ; COVID-19 ; Debt Markets ; Deficits ; External Debt ; Finance and Financial Sector Development ; Fiscal and Monetary Policy ; Fiscal Policy ; International Economics and Trade ; Macroeconomic Management ; Macroeconomics and Economic Growth ; Pandemic Impact ; Pandemic Response ; Private Debt ; Sovereign Debt
    Kurzfassung: The COVID-19 pandemic has triggered a massive increase in global debt levels and exacerbated the trade-offs between the benefits and costs of accumulating government debt. This paper examines these trade-offs by putting the recent debt boom into a historical context. It reports three major findings. First, during the 2020 global recession, both global government and private debt levels rose to record highs, and at their fastest single-year pace, in five decades. Second, the debt-financed, massive fiscal support programs implemented during the pandemic supported activity and illustrated the benefits of accumulating debt. However, as the recovery gains traction, the balance of benefits and costs of debt accumulation could increasingly tilt toward costs. Third, more than two-thirds of emerging market and developing economies are currently in government debt booms. On average, the current booms have already lasted three years longer, and are accompanied by a considerably larger fiscal deterioration, than earlier booms. About half of the earlier debt booms were associated with financial crises in emerging market and developing economies
    DOI: 10.1596/1813-9450-9800
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  • 8
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    International Financial Integration Through Equity Markets : Which Firms From Which Countries Go Global ? (2007)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (49 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Claessens, Stijn International Financial Integration Through Equity Markets
    Schlagwort(e): Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises
    Kurzfassung: The authors study international financial integration analyzing firms from various countries raising capital, trading equity, and cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, they find that, although international financial integration increases substantially over this period, only relatively few countries and firms actively participate in international markets. Firms more likely to internationalize are from larger and more open economies, with higher income, better macroeconomic policies, and worse institutional environments. These firms tend to be larger, grow faster, and have higher returns and more foreign sales. While changes occur with internationalization, these firm attributes are present before internationalization takes place. The results suggest that international financial integration will likely remain constrained by country and firm characteristics
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  • 9
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    Corporate Governance And Regulation : Can There Be Too Much of A Good Thing ? (2007)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (50 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Bruno, Valentina G Corporate Governance And Regulation
    Schlagwort(e): Capital Markets ; Company Behavior ; Corporate Governance ; Corporate Governance Regime ; Corporate Law ; Debt Markets ; Economic Policy, Institutions and Governance ; Emerging Markets ; Exchange ; External Financing ; Finance and Financial Sector Development ; Financial Markets ; Governance ; Governance ; Governance Indicators ; Governance Measures ; Governance Practice ; Governance and Financial Sector ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; National Governance ; Private Sector Development ; Public Sector Development ; Small Sector ; Capital Markets ; Company Behavior ; Corporate Governance ; Corporate Governance Regime ; Corporate Law ; Debt Markets ; Economic Policy, Institutions and Governance ; Emerging Markets ; Exchange ; External Financing ; Finance and Financial Sector Development ; Financial Markets ; Governance ; Governance ; Governance Indicators ; Governance Measures ; Governance Practice ; Governance and Financial Sector ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; National Governance ; Private Sector Development ; Public Sector Development ; Small Sector ; Capital Markets ; Company Behavior ; Corporate Governance ; Corporate Governance Regime ; Corporate Law ; Debt Markets ; Economic Policy, Institutions and Governance ; Emerging Markets ; Exchange ; External Financing ; Finance and Financial Sector Development ; Financial Markets ; Governance ; Governance ; Governance Indicators ; Governance Measures ; Governance Practice ; Governance and Financial Sector ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; National Governance ; Private Sector Development ; Public Sector Development ; Small Sector
    Kurzfassung: For a large number of companies from different countries, the authors analyze how company corporate governance practices and country regulatory regimes interact in terms of company valuation. They confirm that corporate governance plays a crucial role in efficient company monitoring and shareholder protection, and consequently positively impacts valuation. They find substitution in valuation impact between corporate governance measures at the company and country level, with a possibility of over-regulation. Corporate governance appears more valuable for companies that rely heavily on external financing, consistent with the hypothesis that the main role of corporate governance is to protect external financiers
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  • 10
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    Current Challenges In Financial Regulation (2007)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (48 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Claessens, Stijn Current Challenges In Financial Regulation
    Schlagwort(e): Bank ; Banking ; Banking Supervision ; Banks ; Banks and Banking Reform ; Basle Core Principles ; Capital ; Capital Markets ; Consolidation ; Debt Markets ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Regulation ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Finance ; Private Sector Development ; Social Protections and Labor ; Bank ; Banking ; Banking Supervision ; Banks ; Banks and Banking Reform ; Basle Core Principles ; Capital ; Capital Markets ; Consolidation ; Debt Markets ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Regulation ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Finance ; Private Sector Development ; Social Protections and Labor ; Bank ; Banking ; Banking Supervision ; Banks ; Banks and Banking Reform ; Basle Core Principles ; Capital ; Capital Markets ; Consolidation ; Debt Markets ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Regulation ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Finance ; Private Sector Development ; Social Protections and Labor
    Kurzfassung: Financial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, globalization, and technological advances. The framework for regulating finance has seen many changes as well, with approaches adapting to new issues arising in specific groups of countries or globally. The objectives of this paper are twofold: to review current international thinking on what regulatory framework is needed to develop a financial sector that is stable, yet efficient, and provides proper access to households and firms; and to review the key experiences regarding international financial architecture initiatives, with a special focus on issues arising for developing countries. The paper outlines a number of areas of current debate: the special role of banks, competition policy, consumer protection, harmonization of rules-across products, within markets, and globally-and the adaptation and legitimacy of international standards to the circumstances facing developing countries. It concludes with some areas where more research would be useful
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  • 11
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    Location Decisions of Foreign Banks And Competitive Advantage (2007)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (21 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Claessens, Stijn Location Decisions of Foreign Banks And Competitive Advantage
    Schlagwort(e): Affiliates ; Bank ; Banking ; Banking Sector ; Banks and Banking Reform ; Consolidation ; Country Strategy and Performance ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Integration ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Foreign Direct Investment ; Foreign Entry ; Internation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Affiliates ; Bank ; Banking ; Banking Sector ; Banks and Banking Reform ; Consolidation ; Country Strategy and Performance ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Integration ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Foreign Direct Investment ; Foreign Entry ; Internation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Affiliates ; Bank ; Banking ; Banking Sector ; Banks and Banking Reform ; Consolidation ; Country Strategy and Performance ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Integration ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Foreign Direct Investment ; Foreign Entry ; Internation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development
    Kurzfassung: While institutional differences have been found to affect country growth patterns, much has remained unexplained, including how economic actors "overcome" institutional weaknesses and how internationalization helps or hinders development. Banking is an institutionally-intensive activity and the location decision of foreign banks provides a good test of how institutional differences are dealt with and how they may affect economic choices. Specifically, the authors examine whether banks seek out those markets where institutional familiarity provides them with a competitive advantage over other foreign competitor banks. Using bilateral data on banking sector foreign direct investment in all developing countries and controlling for other factors, they find that competitive advantage is an important factor in driving foreign banks' location decisions. The findings suggest that high institutional quality is not necessarily a prerequisite to attract foreign direct investment in banking and that there are specific benefits, as well as risks, to international financial integration between developing countries
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  • 12
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    Finance And Hunger : Empirical Evidence of The Agricultural Productivity Channel (2006)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (48 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Claessens, Stijn Finance And Hunger
    Schlagwort(e): Banks and Banking Reform ; Consumption ; Consumption Levels ; Cred Development ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Extreme Poverty ; Finance and Financial Sector Development ; Financial Literacy ; Financial Sector ; GDP ; GDP Per Capital ; Income ; Inflation ; Macroeconomics and Economic Growth ; Per Capita Income ; Poverty Reduction ; Prices ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Banks and Banking Reform ; Consumption ; Consumption Levels ; Cred Development ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Extreme Poverty ; Finance and Financial Sector Development ; Financial Literacy ; Financial Sector ; GDP ; GDP Per Capital ; Income ; Inflation ; Macroeconomics and Economic Growth ; Per Capita Income ; Poverty Reduction ; Prices ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Banks and Banking Reform ; Consumption ; Consumption Levels ; Cred Development ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Extreme Poverty ; Finance and Financial Sector Development ; Financial Literacy ; Financial Sector ; GDP ; GDP Per Capital ; Income ; Inflation ; Macroeconomics and Economic Growth ; Per Capita Income ; Poverty Reduction ; Prices ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction
    Kurzfassung: Using cross-country and panel regressions, the authors show that financial sector development significantly reduces undernourishment (hunger), largely through gaining farmers and others access to productivity-enhancing equipment, translating into beneficial income and general effects. They show specifically that a deeper financial sector leads to higher agricultural productivity, including higher cereal yields, through increased fertilizer and tractor use. Higher productivity in turn leads to lower undernourishment. The results are robust to various specifications and econometric tests and imply that a 1 percentage point increase in private credit to GDP reduces undernourishment by 0.22-2.45 percentage points, or about one-quarter the impact of GDP per capita
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  • 13
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    The Political Economy of Distress in East Asian Financial Institutions (2000)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (28 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Ferri, Giovanni The Political Economy of Distress in East Asian Financial Institutions
    Schlagwort(e): Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets ; Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets ; Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets
    Kurzfassung: In the East Asian crisis, connections - with industrial groups or influential families - increased the probability of distress for financial institutions. Connections also made closure more, not less, likely, suggesting that the closure processes themselves were transparent. But larger institutions, although more likely to be distressed, were less likely to be closed, suggesting a too big to fail policy. - Politics and regulatory capture can play an important role in financial institutions' distress. East Asia's financial crisis featured many distressed and closed financial intermediaries in an environment with many links between government, politicians, supervisors, and financial institutions. This makes the East Asian financial crisis a good event for studying how such connections affect the resolution of financial institutions' distress. Bongini, Claessens, and Ferri investigate distress and closure decisions for 186 banks and 97 nonbank financial institutions in Indonesia, the Republic of Korea, Malaysia, the Philippines, and Thailand. They find that after July 1997, 42 percent of the institutions experienced distress (were closed, merged, or recapitalized, or had their operations temporarily suspended). By July 1999, 13 percent of all institutions in existence in July 1997 had been closed. Using financial data for 1996, the authors find that: · Traditional CAMEL-type variables - returns on assets, loan growth, and the ratio of loan loss reserves to capital, of net interest income to total income, and of loans to borrowings - help predict subsequent distress and closure. · None of the foreign-controlled institutions was closed, and foreign portfolio ownership lowered an institution's probability of distress. · Connections - with industrial groups or influential families - increased the probability of distress, suggesting that supervisors had granted forbearance from regulations. Connections also made closure more, not less, likely - suggesting that the closure processes themselves were transparent. · But larger institutions, although more likely to be distressed, were less likely to be closed, while (smaller) nonbank financial institutions were more likely to be closed. This suggests a too big to fail policy. · These policies, together with the fact that resolution processes were late and not necessarily comprehensive, may have added to the overall uncertainty and loss of confidence in the East Asian countries, aggravating the financial crisis. This paper - a product of the Financial Sector Strategy and Policy Group, Financial Sector Vice Presidency - is part of a larger effort in the group to study the causes and resolution of financial distress. The authors may be contacted at pbonginimi.unicatt.it, cclaessens@worldbank.org, or gferri@worldbank.org
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  • 14
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    Corporate Risk around the World (2000)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (60 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Nenova, Tatiana Corporate Risk around the World
    Schlagwort(e): Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation ; Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation ; Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation
    Kurzfassung: January 2000 - Corporate financing patterns around the world reflect countries' institutional environments. Weaknesses in the corporate sector have increasingly been cited as important factors in financial crises in both emerging markets and industrial countries. Analysts have pointed to weak corporate performance and risky financing patterns as major causes of the East Asian financial crisis. And some have argued that company balance sheet problems may also have played a role, independent of macroeconomic or other weaknesses, including poor corporate sector performance. But little is known about the empirical importance of firm financing choices in predicting and explaining financial instability. Firm financing patterns have long been studied by the corporate finance literature. Financing patterns have traditionally been analyzed in the Modigliani-Miller framework, expanded to incorporate taxes and bankruptcy costs. More recently, asymmetric information issues have drawn attention to agency costs and their impact on firm financing choices. There is also an important literature relating financing patterns to firm performance and governance. Several recent studies have focused on identifying systematic cross-country differences in firm financing patterns - and the effects of these differences on financial sector development and economic growth. They have also examined the causes of different financing patterns, particularly countries' legal and institutional environments. The literature has devoted little attention to corporate sector risk characteristics, however, aside from leverage and debt maturity considerations. Even these measures have been the subject of few empirical investigations, mainly because of a paucity of data on corporate sectors around the world. Building on data that have recently become available, Claessens, Djankov, and Nenova try to fill this gap in the literature and shed light on the risk characteristics of corporate sectors around the world. They investigate how corporate sectors' financial and operating structures relate to the institutional environment in which they operate, using data for more than 11,000 firms in 46 countries. They show that: · The origins of a country's laws, the strength of its equity and creditor rights, and the nature of its financial system can account for the degree of corporate risk-taking. · In particular, corporations in common law countries and market-based financial systems have less risky financing patterns. · Stronger protection of equity and creditor rights is also associated with less financial risk. This paper - a product of the Financial Sector Strategy and Policy Group, Financial Sector Vice Presidency - is part of a larger effort in the Bank to study the determinants of the riskiness of countries' corporate and financial systems
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 15
    Online-Ressource
    Online-Ressource
    Resolution of Corporate Distress : Evidence from East Asia's Financial Crisis (1999)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (33 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Klapper, Leora Resolution of Corporate Distress
    Schlagwort(e): Bank ; Bankruptcy ; Bankruptcy Filing ; Bankruptcy Filings ; Banks and Banking Reform ; Cred Creditor ; Creditors ; Debt ; Debt Markets ; Earnings ; Economic Theory and Research ; Emerging Markets ; Expenses ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Literacy ; Interest ; Loan ; Macroeconomics and Economic Growth ; Ownership ; Private Sector Development ; Probability ; Regression Analysis ; Stakeholders ; State University ; Bank ; Bankruptcy ; Bankruptcy Filing ; Bankruptcy Filings ; Banks and Banking Reform ; Cred Creditor ; Creditors ; Debt ; Debt Markets ; Earnings ; Economic Theory and Research ; Emerging Markets ; Expenses ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Literacy ; Interest ; Loan ; Macroeconomics and Economic Growth ; Ownership ; Private Sector Development ; Probability ; Regression Analysis ; Stakeholders ; State University
    Kurzfassung: June 1999 - Evidence from East Asia suggests that a firm's ownership relationship with a family or bank provides insurance against the likelihood of bankruptcy during bad times, possibly at the expense of minority shareholders. Bankruptcy is more likely in countries with strong creditor rights and a good judicial system - perhaps because creditors are more likely to force a firm to file for bankruptcy. The widespread financial crisis in East Asia caused large economic shocks, which varied by degree across the region. That crisis provides a unique opportunity for investigating the factors that determine the use of bankruptcy processes in a number of economies. Claessens, Djankov, and Klapper study the use of bankruptcy in Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), and Thailand. These economies differ in their institutional frameworks for resolving financial distress, partly because of the different origins of their judicial systems. One difference is the strength of creditor rights, which Claessens, Djankov, and Klapper document. They expect that differences in legal enforcement and judicial efficiency should affect the resolution of financial distress. Using a sample of 4,569 publicly traded East Asian firms, they observe a total of 106 bankruptcies in 1997 and 1998. They find that: · The likelihood of filing for bankruptcy is lower for firms with ownership links to banks and families, controlling for firm and country characteristics. · Filings are more likely in countries with better judicial systems. · Filings are more likely where there are both strong creditor rights and a good judicial system. These results alone do not allow Claessens, Djankov, and Klapper to address whether increased use of bankruptcy is an efficient resolution mechanism. This paper - a product of the Financial Economics Unit, Financial Sector Practice Department - is part of a larger effort in the department to study corporate financing and governance mechanisms in emerging markets
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 16
    Online-Ressource
    Online-Ressource
    Diversification and Efficiency of Investment by East Asian Corporations (1998)
    Washington, D.C : The World Bank
    Details
    Sprache: Englisch
    Seiten: Online-Ressource (1 online resource (35 p.))
    Ausgabe: Online-Ausg. World Bank E-Library Archive
    Paralleltitel: Fan, H.P.Joseph Diversification and Efficiency of Investment by East Asian Corporations
    Schlagwort(e): Business Segment ; Business Segments ; Capital Market ; Capital Markets ; Companies ; Company ; Corporate Control ; Corporate Growth ; Corporation ; Corporations ; Debt Markets ; Diversification ; Economic Theory and Research ; Enterprises ; Expansion ; Finance and Financial Sector Development ; Financial Literacy ; Firm ; Firm Size ; Firms ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Manufacturer ; Microfinance ; Poverty Reduction ; Pro-Poor Growth ; See ; Shop ; Small Firms ; Small Scale Enterprises ; Social Protections and Labor ; Business Segment ; Business Segments ; Capital Market ; Capital Markets ; Companies ; Company ; Corporate Control ; Corporate Growth ; Corporation ; Corporations ; Debt Markets ; Diversification ; Economic Theory and Research ; Enterprises ; Expansion ; Finance and Financial Sector Development ; Financial Literacy ; Firm ; Firm Size ; Firms ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Manufacturer ; Microfinance ; Poverty Reduction ; Pro-Poor Growth ; See ; Shop ; Small Firms ; Small Scale Enterprises ; Social Protections and Labor
    Kurzfassung: Firms in industrial countries are more likely to benefit from vertical integration and corporate diversification-learning faster and hence improving performance. Corporate diversification in less developed countries is more likely to lead to misallocation of capital. - The East Asian financial crisis has been attributed in part to the corporate diversification associated with the misallocation of capital investment toward less profitable and more risky business segments. Much anecdotal evidence to support this view has surfaced since the crisis but there was little discussion of it before the crisis. Quite the contrary: The rapid expansion of East Asian firms by entering new business segments was viewed as contributing to the East Asian miracle. Claessens, Djankov, Fan, and Lang examine the efficiency of investment by diversified corporations in nine East Asian countries, using unique panel data from more than 10,000 corporations for the pre-crisis period, 1991-96. They: ° Document the degree of diversification in the corporate sector in Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), and Thailand, countries that have achieved enviable rates of economic growth over the past three decades. ° Distinguish between vertical and complementary diversification and study the differences across nine countries. ° Investigate whether diversification in East Asia has hurt economic efficiency. Their study tests the learning-by-doing and misallocation-of-capital hypotheses related to the types and degrees of diversification in East Asian countries. Firms in Indonesia, Korea, Taiwan, and Thailand appear to have suffered significant negative effects of vertical integration on short-term performance; the same countries gained significant short-term benefits from complementary expansion. The results suggest that the misallocation-of-capital hypothesis is appropriate for Korea and Malaysia; the learning-by-doinghypothesis for Indonesia, Taiwan, and Thailand. Firms in more developed countries succeed in vertically integrating and improve both short-term profitability and market valuation. Firms in more developed countries are ultimately more likely to benefit from such diversification (learn faster, to improve their performance). And diversification by firms in less developed countries is subject to more misallocation of capital. This paperis a product of the Economic Policy Unit, Finance, Private Sector, and Infrastructure Network
    URL: Volltext  (Deutschlandweit zugänglich)
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